There's now downside risks to the labor market, says Morgan Stanley's Ellen Zentner

explicit

NDX

RUT

Oil

Metals

USD

Morgan Stanley 8.4
Investment Bank $1600.00B
Ellen Zentner 9.0

yields

it's going to be easy for the fed to get consensus to cut in September

23 calls

-2

no reliable edge (random outcomes)

8/5/2025 10:59:28 PM	medium term down	20 days later	+0.90%	-0.90%
8/5/2025 2:12:54 PM	short term cautious down	5 days later	+1.26%	-0.63%